“Loans continue to be blocked, and I only have two months left for payment. Is there a consultant who can help me get a loan of up to 40 million won for a property valued at about 1 billion won?”
As household loan regulations lead to banks exhausting their lending limits early each month, demand for 'loan consultants' is rising in online forums and real estate communities. This surge has also seen an increase in online operations by unregistered consultants, raising concerns about consumer protection.
According to the financial sector on July 28, posts in real estate-related online communities frequently ask for help, such as “I want to maximize my mortgage loan limit” or “I’m looking for someone who can consult today.” As banks adjust their lending policies, including temporarily halting broker channels to manage total household loan limits, more people are seeking to confirm their loan eligibility through consultants before visiting bank branches.
Multiple major banks estimate that loan brokers handle about 50-60% of real estate mortgage loans. Loan brokers are affiliated with companies that have contracts with banks and include consultants introduced through real estate agencies. They guide prospective homebuyers on loan products and receive a commission of about 0.2-0.5% of the loan amount once the loan is executed.
Using a loan consultant does not guarantee preferential interest rates or additional limits. However, depending on the consultant's experience and knowledge, they can help borrowers find relatively favorable financial institutions by comparing income, credit scores, and loan-to-value ratios (LTV).
A person identified as A, who secured a mortgage through a consultant referred by a real estate agency earlier this year, stated, “I was able to borrow a larger amount at a lower interest rate than when I checked the limits online. The consultant helped me find the right bank by considering my job, income, and credit score.”
The issue arises as the demand for consultants increases due to stricter loan regulations, leading to many operating online without disclosing their registration numbers or affiliated companies. In one online post seeking loan consultants, over 30 comments were made, but only five included registration numbers or company affiliations.
Under the current Financial Consumer Protection Act, loan brokers must be registered as financial product sales agents or intermediaries. They are required to provide relevant information, including registration numbers and affiliations, to allow consumers to verify their identities. However, online communities and platforms like KakaoTalk open chat rooms are difficult to manage and supervise, leading to concerns about regulatory gaps.
A bank official noted, “Banks only accept loan documents through consultants affiliated with registered loan brokerage firms. Unregistered brokers do not have the right to handle customer information, and receiving or submitting documents on behalf of clients may be illegal.”
As household loan regulations lead to banks exhausting their lending limits early each month, demand for 'loan consultants' is rising in online forums and real estate communities. This surge has also seen an increase in online operations by unregistered consultants, raising concerns about consumer protection.
According to the financial sector on July 28, posts in real estate-related online communities frequently ask for help, such as “I want to maximize my mortgage loan limit” or “I’m looking for someone who can consult today.” As banks adjust their lending policies, including temporarily halting broker channels to manage total household loan limits, more people are seeking to confirm their loan eligibility through consultants before visiting bank branches.
Multiple major banks estimate that loan brokers handle about 50-60% of real estate mortgage loans. Loan brokers are affiliated with companies that have contracts with banks and include consultants introduced through real estate agencies. They guide prospective homebuyers on loan products and receive a commission of about 0.2-0.5% of the loan amount once the loan is executed.
Using a loan consultant does not guarantee preferential interest rates or additional limits. However, depending on the consultant's experience and knowledge, they can help borrowers find relatively favorable financial institutions by comparing income, credit scores, and loan-to-value ratios (LTV).
A person identified as A, who secured a mortgage through a consultant referred by a real estate agency earlier this year, stated, “I was able to borrow a larger amount at a lower interest rate than when I checked the limits online. The consultant helped me find the right bank by considering my job, income, and credit score.”
The issue arises as the demand for consultants increases due to stricter loan regulations, leading to many operating online without disclosing their registration numbers or affiliated companies. In one online post seeking loan consultants, over 30 comments were made, but only five included registration numbers or company affiliations.
Under the current Financial Consumer Protection Act, loan brokers must be registered as financial product sales agents or intermediaries. They are required to provide relevant information, including registration numbers and affiliations, to allow consumers to verify their identities. However, online communities and platforms like KakaoTalk open chat rooms are difficult to manage and supervise, leading to concerns about regulatory gaps.
A bank official noted, “Banks only accept loan documents through consultants affiliated with registered loan brokerage firms. Unregistered brokers do not have the right to handle customer information, and receiving or submitting documents on behalf of clients may be illegal.”
* This article has been translated by AI.
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